Median Price for Closed Sales of Single-Family Homes Hits All-Time High in June at $430,000

by
Eric Berman - eberman@marealtor.com - 781-839-5507 | Jul 25, 2018

WALTHAM, Mass. – July 25, 2018 – The Massachusetts Association of Realtors® (MAR) reported today that closed sales for single-family homes fell in June while the median price rose to $430,000. This is the highest median price seen in Massachusetts since MAR began recording the data in 2004. Condominium sales also fell over last year while the median price rose almost eight percent. The number of homes for sale reached the lowest level for the month of June.

June Closed Sales:

Single-Family

June 2018

June 2017

% Change

Sales

6,589

6,962

-5.4%

Median Price

$430,000

$402,750

+6.8%

Closed sales have been down or flat 11 out of the last 12 months

Median prices have been up or flat for 31 out of the last 32 months

Condominium

June 2018

June 2017

%Change

Sales

2,555

2,702

-5.4%

Median Price

$390,000

$360,750

+8.1%

Closed sales have been down or flat for eight of the last 12 months

Median prices have been up or flat for 31 out of the last 32 months

“Median prices rose higher and earlier in the spring market this year, which was a signal that we could reach record prices at the height of the homebuying season,” said 2018 MAR President Rita Coffey, general manager of CENTURY 21 Tullish & Clancy in Weymouth. “At a median price of $430,000 this June, it seems our predictions have come true. However, if we don't get more inventory, we'll continue to see prices go up and more people priced out of the market.”

Inventory and Days on Market:

Single-Family

June 2018

June 2017

% Change

Inventory

14,182

16,832

-15.7%

Months of Supply

2.9

3.5

-17.2%

Days on Market

48

57

-15.8%

New Listings

8,441

8,117

+4.0%

76th time in the last 77 months of year-over-year inventory decreases

Lowest number of homes for sale in the month of June

Condominium

June 2018

June 2017

% Change

Inventory

3,897

4,650

-16.2%

Months of Supply

2.1

2.5

-16.0%

Days on Market

41

47

-12.8%

New Listings

2,847

2.902

-1.9%

Inventory down or flat for 31 out of the last 32 months

Lowest number of condos for sale in the month of June

“The lack of housing inventory drum beat continued on in June,” said Coffey. “As the Massachusetts legislative cycle wraps up in July, we hope the Governor's Housing Choice initiative is passed so we can start our long road to increased housing production.”

About the Massachusetts Association of Realtors®: Organized in 1924, the Massachusetts Association of Realtors® is a professional trade organization with more than 24,000 members. The term Realtor® is registered as the exclusive designation of members of the National Association of Realtors® who subscribe to a strict code of ethics and enjoy continuing education programs.

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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.